Macau is one of two special administrative regions of the People's Republic of China. Its economy is predominantly dependent on tourism, gambling and manufacturing. However, the contribution of the financial services sector, including the insurance industry, is gradually increasing. The value of the Macanese insurance industry grew at a compound annual growth rate (CAGR) of 11.8% during the review period (2008-2012), with life insurance as the largest segment. The growth of the insurance industry is being driven by a growing aging population, with one of the highest life expectancy rates in the world, expanding casino-related development projects, and a favorable regulatory framework, including a wide range of compulsory insurance categories, such as motor third-party liability and professional liability insurance. The country's high life expectancy rate, which is the second-highest in the world, contributed to the growth of the life segment during the review period. These factors are expected to remain important over the forecast period (2012-2017), driving growth in the insurance industry.